Although Solana (SOL) has followed the bullish sentiment of the general cryptocurrency market, nearly doubling its price since the beginning of 2023, the machine learning-based predictions are not very optimistic for the end of the year, but important technological trends predict a different story a bit further into the future.
As it happens, the self-learning machine algorithm used by the cryptocurrency analytics platform CoinCodex has set the price of Solana at $16.18 on December 31, 2023, suggesting a 19.38% decrease from its current price, according to the latest data retrieved by Finbold on July 7.
On the other hand, going further into the future, if the price of Solana moves to mimic the similar growth patterns of the internet, mobile tech, and tech giants Google (NASDAQ: GOOGL) and Facebook (NASDAQ: META), its holders could end up taking a significant profit.
Indeed, if Solana followed the advance of the internet, it could reach the price of $67.64 (+237.02%) by the end of 2024, whereas keeping up with the growth of mobile tech could propel it toward $66.50 (+231.34%). Should it imitate Google’s expansion, it could end up at $98.87 (+392.63%), while taking Facebook’s road could have Solana reach $ 199.71 (+895.07%) by that time.
In terms of Solana’s price for the end of 2025, applying the above logic could lead it to $87.33 (+335.13%) if it went down the internet’s path or $85.13 (+324.17%) if it mimicked the growth of mobile tech. At the same time, moving in the same manner as Google could help it hit $154.31 (+668.86%), whereas following Facebook could lead it to a whopping $443.02 (+2,107.37%).
Solana price analysis
At press time, Solana was trading at the price of $20.07, demonstrating a decrease of 0.91% on the day but still advancing 7.55% across the previous week and 1.17% over the past month, as the most recent charts on July 7 indicate.
As things stand, Solana’s current sentiment at CoinCodex is neutral (59% bullish vs. 41% bearish), whereas the Fear & Greed Index is tilting toward Greed at 55, representing a good time to purchase SOL, as its support stands at $16.94, facing resistance at $22.92.
Whether this crypto asset continues to move in the direction presented above will depend on developments directly related to its ecosystem, as well as the general sentiment in the industry dictated by regulatory, legal, and macroeconomic factors.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.